BioAtla, Inc.

BCABdata completeness 63%7 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'pretaxIncome'

The thesis, from the filings

BioAtla, Inc. earns about -192% on equity, but has diluted owners by 70% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	$300,000¹	—	—	—	—
Net income	−$95.4M²	−$106.5M³	−$123.5M⁴	−$69.8M⁵	−$59.6M⁵
Operating cash flow	−$62.2M⁶	−$90.4M⁷	−$104M⁸	−$71.9M⁹	−$48.2M⁹
Capital expenditure	—	—	—	—	—
Free cash flow (derived)	—	—	—	—	—
Total debt	—	—	—	—	—
Cash & equivalents	$245M¹⁰	$215.5M¹¹	$111.5M¹²	$49M¹³	$7.12M¹³
Diluted shares	34.6M	38.9M	47.8M	48.6M	58.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

−$6.15

your share of equity

Profit it earned you last year

−$10.13

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on −$6.15 of net worth that earned you −$10.13 last year.

iii. Is this a good business?

Moat signal · return on equity

-192% avg · 5y

FY21 -45%FY22 -59%FY23 -175%FY24 -489%FY25 —

It earned an average -192% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+70% shares · 5y

Share count is up 70% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2021-12-31 · accession 0000950170-23-009551 (Revenues)
10-K · period ending 2021-12-31 · accession 0000950170-23-009551 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0000950170-24-036548 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0000950170-25-046217 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001193125-26-134499 (NetIncomeLoss)
10-K · period ending 2021-12-31 · accession 0000950170-23-009551 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0000950170-24-036548 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0000950170-25-046217 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001193125-26-134499 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2021-12-31 · accession 0000950170-23-009551 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2022-12-31 · accession 0000950170-24-036548 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2023-12-31 · accession 0000950170-25-046217 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2024-12-31 · accession 0001193125-26-134499 (CashAndCashEquivalentsAtCarryingValue)